The given statement would be characterized as true as it correctly asserts that 'the law inflicts strict liability as a part of their public policy which assumes that in case of any kind of harm is caused to the consumers by the product, it's costs would be born by the manufacturer.' This liability of the manufacturer is categorized as 'product liability' which enforces the law that considers the 'manufacturer is responsible for any kind of damage or harm caused by their product.' Therefore, the statement is true.
