Set the Instant Pot to SAUTE and add the butter (or ghee) and spices. Cook for 1-2 minutes until the spices are fragrant. Press CANCEL to stop sauteing.
Add the rice, water, and salt to the pot and lock the lid in place.
Set it to HIGH pressure for 4 minutes.
After 4 minutes press CANCEL and let the Instant Pot do a natural release for 5 minutes.
Unlock the lid, remove the bay leaves, cardamon, and cloves, and serve.