I watch both II and SRGMP. I personally feel grooming is much better in SRGMP, since the contestants are assigned to mentors and not just participants but the mentors have a stake in seeing their participants through and makes them work harder, and the show is philosophically designed to find out a good singer.
In II , it is not clear if the contestants are getting any guidance. Also it's design is apparently to produce a participant who will be a good stage performer but not necessarily a good singer. So it is operating as designed.
Also winner of SRGMP will likely get just Rs.50 Lakh worth of contract + may or may not get a hold but i can assure that some participants will surely get some projects , in fact already they have got offers.
II winner is becomes a crorepati ... So anything more is a bonus for them.