Rinse the rice with water only once. We want to preserve the starch and not strip it down completely. The starch will help make the kheer or Indian Rice pudding creamy.
Set the Instant Pot on SAUTE and keep it on NORMAL. Add ghee or white oil and when the ghee/oil becomes moderately hot gently throw in the raisins and cashews and saute them until the raisins plump up and the nuts become slightly golden. Now, this step is totally optional. You can however, dump everything and pressure cook to make the Rice Kheer.
Next, add the rinsed rice and saute for 2-3 seconds. Pour milk and mix very well. De-glaze the pot really well so that there are no bits and crumbs stuck at the bottom of the pot.
CANCEL the SAUTE function. Close the lid, seal the valve and PRESSURE COOK on HIGH for 20 minutes.
Once the cooking cycle is over the Instant Pot will begin to beep. CANCEL the PRESSURE COOK function. Wait for 15 mins NATURAL PRESSURE RELEASE (NPR) and than release the rest of the pressure manually.
Open the lid and add the condensed milk & the cardamom powder and mix well until well incorporated. You can add your preferred sweetener now, for instance instead of the condensed milk you can add either sugar or jaggery (READ NOTES below). Allow the kheer to rest for a while before serving. Kheer will thicken a bit naturally as it cools down.
Now, if you love really thick Kheer adjust the consistency now. You can switch back to SAUTE and keep it on LOW and simmer down the kheer to thicken it.
Garnish with silvered almonds, pistachios and saffron and serve either warm or chilled.