First, are you Raja Kamble or Pravin?

Second, your method would work if you don't use multiplexing (i.e. you have only one display on one port). But if you have to use multiple 7 segment displays, and you are going to use the same port for "a-g" segments, then this scheme can't be used.

You will have to follow Charles Bannister's circuit (which used AT89C2051)