Sauté the Aromatics and Rice: Choose the Instant Pot sauté button and add the ghee (or oil) to the inner pot. When the ghee is hot, add the sliced onion, cloves, cinnamon stick, star anise, and peppercorns. Cook, stirring frequently, for 3 minutes, or until the onion is softened. Add the sugar and kosher salt and continue cooking and stirring until the onion is caramelized and golden brown. Remove a few tablespoons of the onion and set aside to use as a garnish. Add the rice to the pot along with the water. Stir to blend. 

Pressure Cook: Secure the lid and turn the steam release knob to the sealing position. Select the pressure cook (or manual) button, high pressure. Set the timer for 24 minutes. When the time is up, let the pressure release naturally for 10 minutes. Carefully turn the knob to the venting position to release the remaining pressure. Cancel the keep warm setting. 

Fluff the Rice and Serve: Immediately fluff the rice and remove it to a serving bowl. Garnish with the reserved caramelized onions and cilantro or parsley, if desired. Enjoy!