I have a website which has google tag manager and some WordPress plugins. Due to some regulatory polices i am told to move all the scripts loaded by the plugins inside gtm. Is it really possible to move plugins like Jetpack and social sharing apps inside GTM?.
As it stands the answer is "no", you cannot move Wordpress plugins to GTM. Wordpress is an PHP application running on an server, GTM is a third party service that injects Javascript. GTM can do anything you can do in Javascript, and nothing that requires commands on the server, so the two are not comparable.
You might be able to replicate some functionality of the plugins in GTM, though, if it's purely javascript-based. Some WP plugins simply load a JS library to enable sharing etc. in the frontend, and that is something you could do via GTM (although you will definitely not be able to replicate Jetpack that way).
So there might be some specific subset of the stuff that your plugins do that you might be able to replicate via GTM, but all in all no, GTM cannot replace your WP plugins.