Can anyone point me to a library for 2D game physics, etc for programming gravity, jumping actions, etc for a 2d platform/sidescrolling game ?
Or could you suggest some algo
You could look at the Havok engine. I believe they released a free version for non-commerical use. There is a constraint kit for it that will allow you to constrain the physics to 2 planes, in your case, x and y.