Add oil to inner pot in Instant Pot and press the sauté setting.
As the oil heats up add cloves, cardamom, bay leaf, and star anise. Saute for 30 seconds.
Add Cashews and saute them for another 20 seconds.
Follow up by adding onions and grated ginger. Stir constantly for a minute.
Add chopped carrots, frozen peas, and cubed potatoes. Continue to stir for at least another 30 seconds.
Add the variety of spices: Chili powder, Ground Turmeric, Ground Cinnamon, Cumin & Coriander. Continue to stir for a minute.
Now add pineapple chunks, coconut milk, salt and rinsed, clean rice. Mix them well.
Add water and give it a good stir one last time.
Close the lid of the instant pot and turn the steam release handle to “sealing” position.
Select the pressure cooking option (high pressure) and set the time for 4 minutes.
When time is up, open the lid using natural release.
That’s it! Instant Pot Pineapple rice is ready! Serve it hot with a side of sliced cucumber or pair it with potato chips!