Soak basmati rice in cold water for at least 15 minutes.
Heat 2tbsp oil in a pressure cooker. Add onions and sauté until golden brown, about 6-8 minutes.
Add ginger + garlic paste and cook for another minute.
Next add carrots, chopped methi & cilantro. Cook until the greens are slightly wilted.
Add crushed tomato, biryani masala and chili powder. Cover and cook without the whistle for 3-4 minutes or until the mixture is simmering and tomatoes don't smell raw anymore.
Add the rice and 1½ cups of water, season with salt and finally add the paneer pieces. Gently mix everything; lock the lid and cook for 1 whistle on medium-high flame.
Let the pressure come down and then serve with potato chips and yogurt or raita.
** If you don't prefer pressure cooked paneer then sauté them in some ghee or oil and mix in to the rice after everything is cooked.