Since the SSS has only one MP and no MLA in the state, pulling out won't destabilise the government.
Shetti said the SSS had done a "grave mistake" by extending support to the NDA.
"Since, we have done a grave mistake of giving support to this government, I carried out an 'atmaklesh' (inflicting pain on oneself) yatra and now, we have decided to snap the ties with both NDA and Mahayuti," he said.
The decision to pull out of the NDA and from the 'Mahayuti' (grand alliance) in the state was taken during the state level executive meet held here.
"We had supported the NDA and Mahayuti before the elections in 2014, as it promised the minimum support price for crops. However, in all these years, they have failed to keep their promises," Shetti said.
"On the insistence of late BJP leader Gopinath Munde, we became the ally of the NDA and later became a part of Mahayuti. However, over the last three-and-a-half years, we have been disillusioned, as all the promises made for the farmers by the Centre as well as the state government in the election manifesto, have failed to see the light of day," he added.
"Narendra Modi, who was the prime ministerial candidate for NDA, had promised in his election speech in Miraj in Sangli (in Maharashtra) of minimum support price as per Swaminathan Commission report. However, farmers have been disillusioned and betrayed," Shetti said.
"In the last three-and-a-half years, due to the policies of the government, the debt of the farmers increased, the agricultural growth became negative and the import of agriculture produce from other countries went up," he added.
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