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
If you got the time you could use PhysX but its likely an over kill for 2D.
Besides that if you plan on having your game work on a PC and want some cool physics, try googling for "verlet integration" I know there are quite a few verlet implementations around (nice for particles and 2D rag-dolls).