Start by pressing the Sauté button on your Instant Pot. Add the oil and shallots, and cook until the shallots are softened and translucent.
Add the rice to the pot. If it seems too dry, add a bit more oil.
Stir frequently to keep the rice moving. Cook until it turns lightly golden, being careful not to let it burn
Add in the vegetable broth.
Cook for 5 minutes on high pressure.
When the Instant Pot is done, let it sit for 10 minutes, then release any remaining pressure and carefully open the lid
Turn off the Instant Pot, then fluff the rice with a fork.
Stir in the cooked asparagus and serve immediately.