Wash the rice and moong dal well and drain the water completely.
Turn on the Instant pot on Saute mode and wait until it displays HOT.
Now dry roast the washed rice and moong dal until they give a nice aroma. Don't fry them until they turn brown. (This step is optional and will add to the flavor of the dish). Now remove the rice and dal into a dry bowl and keep ready.
Now add ghee to the Instant pot inner pot, and to this add only a few of the given cashew nuts, peppercorns, and curry leaves( just enough to temper in the end). Saute for a minute until cashew nuts turn golden brown and curry leaves are crispy. Now remove the cashews, curry leaves, and peppercorns from the ghee into a small bowl and set them aside to garnish in the end.
Now to the remaining ghee in an Instant pot, add cumin seeds, the rest of the peppercorns, diced ginger, rest of the cashews, sliced almonds (if using), rest of the curry leaves, and turmeric powder and saute for a minute or two until they release nice aroma and cashews turn golden brown.
Now, add Hing (asafoetida) and stir well.
Then add the diced carrots (if using) and saute for a minute.
Next, add dry roasted rice and moong dal and saute for a minute.
Then add water, salt and mix everything really well and make sure to deglaze i.e. scraping the bottom of the pan to make sure nothing is sticking.
Close the Instant pot lid, turn the vent knob to SEAL, Cancel the Saute mode, Switch on the porridge mode for 20 minutes on high pressure.
Once the Instant pot turns off, let the steam release naturally for 10 minutes, and then do a quick release by turning the vent knob to VENT.
Wait until all the steam is released and the pin is dropped and open the lid.
Stir everything well and transfer it to a dish. Add the tempering that you reserved in a bowl and serve it with Coconut or Peanut chutney and Rasam or Sambar or just a pickle.