Place the inner pot inside the IP. Plug it in and Press SAUTE MODE on HIGH. Once the screen displays HOT, add oil/ghee to it. Also, add cumin seeds, bay leaf, cinnamon stick, cloves, black pepper corns, green cardamom, black cardamom to the pot. Saute for few seconds.
Now add thinly sliced onions and ginger to the pot. Saute for about 5 minutes, till onions are pink in color. To speed up the process, cover the IP with glass lid and let onions cook and crisp while covered. Saute in between to avoid burning.
Once the onions are pink, add all the other vegetables in the pot + garam masala, red chili powder and salt. Give it a good stir. Add soaked rice to the pot. Stir all the ingredients together gently. Add 3&1/2 to 4 cups water. Stir again. SWITCH OFF THE SAUTE MODE.
NOTE - The water quantity can be adjusted between 3&1/2 to 4 cups of water. The point is that water should be slightly above the rice, so that all of the rice is submerged inside it for even cooking. DO NOT ADD MORE WATER than that. Start with 3&1/2 and add little at a time to accomodate.