I want to know about various techniques to do speech recognition and text to speech conversion. Also please let me know about any resources like links, tutorials ,ebooks etc. on it.
Which is the most efficient technique to achieve it ?
I'm going to answer the part about speech recognition (since I don't know much about text-to-speech):
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This book, "Statistical Methods for Speech Recognition" is a classic that explains the mathematical foundations of statistical speech recognition, written by the founder of that area, Frederick Jelinek.
The most important concept you have to know is Hidden Markov Models. People have been using them in speech recognition for decades. A recent approach uses Conditional Random Fields, see the paper (PDF) and the associated software toolkit SCARF.
It is fairly hard to write your own speech recognizer. It's an active research area with several scientific conferences, e.g. ASRU, Interspeech, ICASSP.
Both are very wide areas. About recognition: In this this schema you will find how to build a basic automatic speech recognition system. It isn't by any means close to the start of the art, but it is something achievable and it works. If you want to do something more advanced, read about cepstral coefficients and Hidden Markov Models. Have a look into HTK, it is a widely used toolkit for Hidden Markov Models.
About text to speech: I'd have a look at Festival.
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