Rinse the chickpeas and soak in 3 cups of water for 8 hours or overnight. Drain the water and transfer the soaked chickpeas to the inner steel pot of your Instant Pot.
Add the 2 1/2 cups of water, secure the lid and make sure the venting valve is in the sealing position. Press the bean/chili button and cook on high pressure for 20 minutes for a firmer bean and 25 minutes for a softer bean. After cooking, allow to naturally release pressure for 10 minutes for a firmer bean or the entire time for a softer bean. Open the pot, drain the water and set aside the cooked chickpeas.
Press the Sauté button. When the pot displays hot, add the oil and mustard seeds. Allow the mustard seeds to pop for a few seconds, then add the chopped ginger and broken dried red chiles. Cook until the ginger turns light golden brown, about 1-2 minutes. Add the peanuts and cook for 1-2 minutes longer, then add the curry leaves and stir. Add the chickpeas back to the pot and add the garam masala, salt and grated coconut and mix well. Stir in the lime juice then turn off the Instant Pot. Add the honey and stir once more.
Serve with cilantro and pomegranate arils for garnish and enjoy!
Notes
Total time includes 8 hours soaking time for the chickpeas.
If you like your beans on the firmer side, decrease the cooking time to 20 minutes and allow the Instant Pot to naturally release pressure for 10 minutes after cooking.
I used my favorite unsweetened finely grated coconut instead instead of fresh (this link is an affiliate link).