The hashtag recommendation problem addresses recommending (suggesting) one or more hashtags to explicitly tag a post made on a given social network platform, based upon the content and context of the post. In this work, we propose a novel methodology for hashtag recommendation for microblog posts, specifically Twitter. The methodology, EmTaggeR, is built upon a training-testing framework that builds on the top of the concept of word embedding. The training phase comprises of learning word vectors associated with each hashtag, and deriving a word embedding for each hashtag. We provide two training procedures, one in which each hashtag is trained with a separate word embedding model applicable in the context of that hashtag, and another in which each hashtag obtains its embedding from a global context. The testing phase constitutes computing the average word embedding of the test post, and finding the similarity of this embedding with the known embeddings of the hashtags. The tweets that contain the most-similar hashtag are extracted, and all the hashtags that appear in these tweets are ranked in terms of embedding similarity scores. The top-K hashtags that appear in this ranked list, are recommended for the given test post. Our system produces F1 score of 50.83%, improving over the LDA baseline by around 6.53 times, outperforming the best-performing system known in the literature that provides a lift of 6.42 times. EmTaggeR is a fast, scalable and lightweight system, which makes it practical to deploy in real-life applications.