The Board was reconstituted in 1972 by creating the post of a part-time Vice Chairperson, a full-time technical Member, a full-time non-official Member and Member Secretary who was also made ex-officio Additional Secretary to Government, Planning Department. Chief Minister Sri C Achutha Menon was the Chairperson of the Board.

The Planning Board constituted 10 Steering Groups and 32 Task Forces consisting of government officials, technical experts, academicians, industrialists and experts, to prepare projects in development sectors.

The technical Member in addition to other duties was assigned the special task of preparing project reports for (i) cement factory based on lime deposits in Palakkad or based on raw materials of sufficient quantity in other parts of the State and (2) a pelletisation plant based on the iron ore deposit of Kozhikode.