Switch on the saute mode on your instant pot and add the ghee or oil. When it melts, add the cumin, cinnamon, bay leaf and cloves and cardamom (if using). Let the spices sizzle in the hot ghee for a few seconds or until they change color.
Add the rice along with the water in which it was soaked, lemon juice and salt.
Cancel the saute mode and switch on the pressure cooking (manual) mode. Close the vent, secure the lid and set the timer to 5 minutes.
When the timer beeps, release the pressure after 5 minutes. Open the cooker and fluff the rice with a fork. Serve with a dal or curry of your choice.
Note: Jeera rice in a rice cooker also follows the same steps as above, right down to the amount of water used.