The State Planning Board was first constituted in September, 1967 with Chief Minister Sri E M S Namboothiripad as its Chairperson. Four non-officials and four officials were nominated as Members. The constitution of the Board was as follows.

Constitution of the State Planning Board (1967-1969)
Chairperson Sri E M S Namboothiripad, Chief Minister
Vice Chairperson and Member   Sri M K Hameed (Industries and Infrastructure)
Members Sri T P Kuttiamu, Member (Irrigation)
Prof Joseph Mundassery, Member (Education and Social Services)
Economic Advisor to Government and Member Dr K Mathew Kurian, (Economic Division)
Official Members Minister for Finance
Chief Secretary, Government of Kerala
Secretary to Government, Planning Department
Member Secretary
  Director, Bureau of Economics and Statistics

The Board was constituted for the formulation and evaluation of the State’s Plan programmes on a scientific basis. The Bureau of Economics and Statistics rendered research, library, and administration facilities to Planning Board. Vice Chairperson and non-Official Members were full time. The Board was assigned the task of preparing the Annual Economic Review. Another work undertook by the Board was the preparation of the draft Fourth Five-Year Plan for the State. With a view to initiate national debate on alternative policies which formed the basis for the formulation of the Fourth Five-Year Plan, the Planning Board convened a Seminar in October, 1968. The papers presented in the Seminar and the conclusions were brought together in publication "Alternative Policies for the Fourth Five-Year Plan."