Yes you can.
Decide the subject, guide and the University which has good credentials.
Based on PhD from India, many persons are working abroad.
Do not worry about current situation. By the time you will finish your PhD, whole world will be different. So select the topic based on business trends after 4–6 years.
Sudhir Kant, Masters Master of Business Administration Degrees & Chemical Engineering, Panjab University, Chandigarh (1983…