Soak the dried coconut shreds in the 1/2 cup of hot water while you gather all the other ingredients together.
Pour rice, water, sugar, raisins, ghee, saffron strands, cloves, cinnamon stick, and cardamom pods into the inner liner of your Instant Pot or pressure cooker.
Drain the coconut of excess water and add the rice.
Close the Instant Pot lid. Set the Instant Pot at High pressure for 4 minutes. When cook time is complete, let pot release pressure naturally for 10 minutes, and then release all remaining pressure.
Serve as a sweet side or as a dessert.
VARIATIONS
Use freshly grated coconut rather than dried. You can often find this in the frozen section of an Indian grocery store.
Use Jaggery or Piloncillo for your sweetener.
Sprinkle with ground cardamom before serving.
Omit saffron in this Coconut Jasmine rice if you don't have it.
Pan fry some cashews and raisins in ghee, and garnish.
Use coconut milk rather than water to cook coconut milk rice. If you want to do this however, cook it in a rice cooker.
Cooking Rice on the stovetop is another method, as coconut milk tends to separate under pressure.