Wash and soak the rice for 20 minutes. Drain the water completely, rinse and proceed with the below steps.
Switch on the Instant pot "Saute" Mode. When the display shows Hot or On, add oil, cumin seeds and the whole spices (peppercorns, cloves, bay leaf, cinnamon stick). It will take 1 - 2 mins for the spices to heat and flavor the oil and the cumin seeds to brown.
Add the sliced onions and saute well for a couple of minutes.
Now add the 2 cups of cooked chickpeas and the dry spice powders (Red chilli, garam masala and turmeric powder). Mix well. Cancel Saute Mode.
Now add the soaked and drained 1 & 1/2 cups of Basmati Rice. Mix well, add salt to taste.
Add 1 & 1/2 cups of water. Stir once and check seasoning.
Cover the Instant Pot lid, Adjust the pressure valve to Sealing and pressure cook on HIGH for 5 minutes. After 5 minutes, manually release the pressure by moving the pressure valve to venting.
Open the lid, fluff the Pulao using a fork. Serve immediately with plain yogurt or raita.