The Planning Board was reconstituted in September 1987 as follows.
Chairman  Sri. E.K. Nayanar, Chief Minister
Vice Chairperson Prof  I S Gulati 
Members Minister for Finance
Minister for Industries
Minister for Agriculture
Chief Secretary
Secretary to Government, Planning & Economic Affairs Department Commissioner & Secretary to Government, Finance Department.
Member Secretary Sri. K.V. Nambiar
An Advisory Committee was constituted vide GO (P) 73/87/Plg.Dtd.11-11-1987 to activate and improve the activities of State Planning Board. The structure and composition of the Advisory Committee was as follows.
Prof I S Gulati, VC, SPB Vice Chairperson
Member Secretary, SPB Secretary
  • Prof T N Krishnan, Director, Centre for Development Studies, Thiruvananthapuram
  • Dr C T Kurian, Director, Madras Institute of Development Studies, Madras
  • Sri  V Viswanatha Menon, Minister for Finance 
  • Dr Ashok Mitra, Calcutta
  • Prof Prabat Patnaik, Centre for Economic Studies & Planning, JNU, New Delhi 
  • Dr C H Hanumantha Rao, Institute of Economic Growth, New Delhi
  • Secretary, Planning Department (Ex-Officio)