Is the below sentence correct:-
- we would be using these spices from next time onwards.
Probably, would is used as past tense for will, but if the above sentence is correct, than why are we using it even for the future reference?
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In your example "would" is only correct as a conditional (following a subjunctive). For example:
Q: If you were to win the competition, would you be using these spices?
A: If we were to win, we would be using these spices from next time onwards.
So, yes it does refer to the future but the conditional future.