Wash basmati rice until the water runs clear. If soaking, soak the rice in excess water for 1 hour. After the soaking time is done, rinse the rice.
Add the water and rice to the instant pot. If using, add the ghee and salt. Start the instant pot in manual or pressure cook mode for 4 minutes at high pressure with vent in sealing position.
When the instant pot beeps, do 5 minutes natural pressure release, which means release the pressure manually 5 minutes after the instant pot beeps.
Fluff the rice with a ladle or fork. Let them stand for 5 more minutes.