Set the Instant Pot on the sauté mode. Add the cumin seeds and black mustard seeds. Toast the seeds for about 30 seconds, stirring constantly to toast the seeds.
Add the onions and carrots. Mix them into the spices and sauté for 2-3 minutes until they start to soften.
Stir in the garlic, ginger, curry powder, coriander, paprika, and chili powder. Mix with the veggies for about 30 seconds.
Pour in the rinsed rice. Mix with the rest of the ingredients and toast the rice for 2-3 minutes so the rice can collect the flavors.
Turn off the Instant Pot. Then add the broth and use a wooden spoon to clear the bottom of the pot.
Mix in the frozen peas. Then place the lid on the Instant Pot and close the steam handle to sealing.
Cook on High Pressure for 22 minutes. Turn off the keep warm button if necessary.
Once the Instant Pot has finished. Allow 10 minutes for a natural steam release.
Open the steam handle and remove the lid. Fluff the rice and serve.