Is it possible to get a PhD Degree in from USA or Europe after doing Masters from India
You can certainly pursue a Ph.D. in the U.S. after getting a Masters degree in India.  You can even go straight in from a Bachelor's degree.  I know a number of people who have done it in other fields---I expect chemical engineering should be the same, I just don't know as many chemical engineers.

Note, however, that the first stage of many American Ph.D. programs is either explicitly or implicitly a Masters, and you probably will not be allowed to skip that stage of the program, though you might be able to pass out of some early requirements, depending on particulars of your background and the requirements of the university.