Rinse rice until water turns clear and then add rice to the Instant pot along with water.
Close the lid and press the manual or pressure cook button. Cook on high pressure for 3 minutes, with the pressure valve in the sealing position.Let the pressure release naturally for 10 minutes and then do a quick pressure release.
Open the lid and fluff the rice with a fork. Then transfer the rice to another bowl and set aside.
Now, press saute the button. There's no need to clean the pot, some rice will stick around and that's fine.Once the pot displays hot, add the oil and then add the garlic and ginger.
Cook for 2 to 3 minutes until garlic, ginger starts changing color. Add cashews and cook for 1 minute.Then add onion, red pepper and green chili. Cook for 2 minutes.
Then push veggies to side and add soy sauce, vegetarian oyster sauce and sriracha. Mix to combine everything together.
Add the cooked rice back into the pot.
Mix well and add black pepper and salt and toss to combine.
Plug off the Instant Pot, add 1/2 cup chopped basil and chopped cilantro. Mix well until the leaves wilt.Finally add in 1/4 cup whole Thai basil leaves (not chopped).
Cook the rice: Rinse the rice until water turns clear. Bring 1.5 cups water to a boil in a saucepan. Add the rice, stir and then lower the heat. Simmer for 10-15 minutes until all water is absorbed. Follow rest of the steps as it is in a wok/pan.
This fried rice has a strong Thai basil flavor as I have used tons of it. If you don't want so much basil flavor in the rice, just skip adding the 1/4 cup whole basil leaves in the end.
If you are making this in a 8qt, you might need to add extra 1/4 cup water while pressure cooking the rice.