Turn on the instant pot to SAUTE mode, when it displays "hot", add ghee or butter. Add chopped nuts and carrots and saute for 2-3 minutes. This prevents the carrots from turning mushy later.
Add warm milk and sugar, and stir well. Adding warm milk ensures that the milk won't curdle under pressure, and, speeds up the pressure-building time significantly.
Close the lid and pressure cook for 5 minutes on high pressure (sealing position). When the cooking is done, manually release the pressure (QR) and open the lid after the pin drops.
Turn on SAUTE. Add milk powder and almond flour, and stir. Cook off the liquid, stirring every few minutes initially, and then every 30 seconds or so towards the end. This takes around 8-10 minutes. The actual time depends on the quantity you're making. For this quantity, it took me 9 minutes to reach my desired consistency.
Add cardamom powder and stir. Transfer the carrot fudge to a parchment-lined loaf pan. Using the back of a spoon, or an offset spatula, spread it evenly and smoothen the top.
Garnish with chopped nuts and gently press into the fudge. Cover and refrigerate for 30 minutes to an hour. Remove and cut into shapes of your choice.
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Notes
Almond flour: Use super-fine almond flour for the best results.
Milk powder: Use a full-fat powder for a rich and creamy taste. Swap with non-fat milk powder to reduce calories.
Consistency: Continue to cook the carrot mix until it reaches a soft-dough-like consistency.
Nuts: Finely chop or slice the nuts so they can be pressed easily into the fudge. I use the classic combination of almonds, cashews, and pistachios
Make it Vegan: To make a vegan variation, use almond milk instead of dairy milk, additional almond flour instead of milk powder, and coconut or olive oil instead of ghee.
Note: The nutrition facts below are my estimates. If you follow any diet plan, I recommend cross-checking with your preferred nutrition calculator.