Press Sauté button on your Instant Pot. Add olive oil to metal liner and allow oil to heat. Once heated, add the beef. Cook for approximately 10 minutes. Stir occasionally.
Remove beef and set aside. Sauté the onion and fresh chopped garlic and Sauté for 5 minutes, stirring occasionally.
Add in tomato paste, stir and cook for another two minutes.
Pour the beef broth into the Instant Pot and stir.
Add chopped potatoes, carrots, sautéed beef, salt and remaining spices.
Mix everything and set pressure cooking for 25 minutes. Do not move the IP while the dish is cooking. Be sure lid is set to sealing position.
After the beep, gently release the pressure and open the lid - the beef and vegetables will be soft. Press the Cancel button.
Stir the potato starch with water and pour into the Instant Pot bowl, add also green peas. Stir and cook on Sauté mode with the lid closed for 10 minutes. Be sure that lid is not in closed/sealing position.
Beef stew can be served immediately.