Rinse the rice in a mesh strainer under cold water until water runs clear, using your fingers to move rice around. Shake off excess water.
Add rinsed rice, water, ghee (or butter) and salt to a 6-quart Instant Pot (See Note 1).
Cover with Instant Pot lid, and if using an older model, set the pressure release valve to seal.
For white basmati rice: Pressure Cook at High Pressure and time for 6 minutes (See Note 2). For brown basmati rice: Pressure Cook at High Pressure for 18 minutes.
When timer goes off, wait 10 minutes, then release pressure (See Note 3). Use a fork to fluff up the rice and serve immediately.
Notes
Typical ratio for making basmati rice in the Instant Pot is 1 to 1.25 (rice to water) when cooking. Although for firmer, al dente rice, add just 1 cup water.
I have found that 6 minutes for white basmati works best as any less does not allow for all water to be absorbed into the rice and the bottom of the pan is slightly wet and sticky. For brown basmati rice: Pressure Cook at High Pressure for 18 minutes.
It will take the pressure cooker about 5-10 minutes to fully pressurize and the 10 minutes after cooking brings the total time to 26 minutes.