@Dev-Dipesh due to docs we don't need +1 .

SELECT setval('foo', 42);           Next nextval will return 43
SELECT setval('foo', 42, true);     Same as above
SELECT setval('foo', 42, false);    Next nextval will return 42
If sequence contains uppercase letters in name: SELECT setval('"Foo"', 42); 
Notice the double quotes inside the single quotes
Thank you very much, that was really useful ! Spent hours... lol