Add the rice, dal, water and shredded pumpkin to the Instant Pot bowl. Switch it on in rice mode. Once it is done, after a few minutes, the pressure can be released manually or if you have time, wait for natural release.
When the rice is almost done, heat a heavy-bottomed pan with butter over medium flame. It would melt and in about 5-7 minutes, the milk solids would begin to separate and turn into brown color at the bottom. Do not let it burn.
Add the cumin, whole black pepper, and let it bloom for 40-50 seconds. Next add the pecans, ginger, black pepper powder, asafetida, and sage, and fry for 20-30 seconds.
Pour this on to the rice, add salt, and combine thoroughly.
Serve hot or warm with chutney or sambhar.