Time- and pitch-scale modifications of speech signals find important applications in speech synthesis, playback systems, voice conversion, learning/hearing aids, etc.. There is a requirement for computationally efficient and real-time implementable algorithms. In this paper, we propose a high quality and computationally efficient time- and pitch-scaling methodology based on the glottal closure instants (GCIs) or epochs in speech signals. The proposed algorithm, termed as epoch-synchronous overlap-add time/pitch-scaling (ESOLA-TS/PS), segments speech signals into overlapping short-time frames and then the adjacent frames are aligned with respect to the epochs and the frames are overlap-added to synthesize time-scale modified speech. Pitch scaling is achieved by resampling the time-scaled speech by a desired sampling factor. We also propose a concept of epoch embedding into speech signals, which facilitates the identification and time-stamping of samples corresponding to epochs and using them for time/pitch-scaling to multiple scaling factors whenever desired, thereby contributing to faster and efficient implementation. The results of perceptual evaluation tests reported in this paper indicate the superiority of ESOLA over state-of-the-art techniques. ESOLA significantly outperforms the conventional pitch synchronous overlap-add (PSOLA) techniques in terms of perceptual quality and intelligibility of the modified speech. Unlike the waveform similarity overlap-add (WSOLA) or synchronous overlap-add (SOLA) techniques, the ESOLA technique has the capability to do exact time-scaling of speech with high quality to any desired modification factor within a range of 0.5 to 2. Compared to synchronous overlap-add with fixed synthesis (SOLAFS), the ESOLA is computationally advantageous and at least three times faster.